Sold

Closed

264 Grove Street # 4 Unit: 1-4

Charleston SC, 29403

$2,649,000


$567.24 per sqft

Sold

Closed

12 Beds

4,670 sqft

Residential

Built in 1981

Fantastic opportunity to own a turn-key fully furnished income producing quadplex in one of the most desirable neighborhoods on the peninsula - Wagener Terrace. Originally built in 1960, 264 Grove Street underwent a full interior and exterior renovation in 2022. Each unit within the quadplex is currently operating as a 30-day furnished rental on AirBNB & VRBO, and the entire building will be sold fully stocked and furnished. Each unit consists of 2 king bedrooms, an office with closet and window which counts as a 3rd queen bedroom w/ window & closet, 1 full bathroom, large living room, dining, kitchen and laundry. There is also a private dog park and outdoor living space in the backyard, and off street + on street parking for guests to enjoy during their stay.IMPORTANT INFORMATION:IMPORTANT INFORMATION:
Seller does not currently own property as their primary residence, therefore each unit is CURRENTLY operating as a 30-day furnished executive rental bringing in $3,500-$4,500 per unit per month. The property is currently taxed at 6%. If the BUYER were to purchase the building as their PRIMARY RESIDENCE (taxed at 4%) and owner- occupy 1 unit, they may apply for the B&B permit through the City of Charleston. What this means: The City should allow 1 of the 4 units to be a NIGHTLY AirBNB (maximum income potential) - but the other 2 units would have to remain 30-day or long-term rentals, however, 30-day rentals can also be marketed on Airbnb and Vrbo platforms for maximum exposure. The city requires enough maneuverable off-street parking on site which we have confirmed the property DOES HAVE. Please ask your representation for a copy of the proforma for 1 short-term nightly rental unit in the marketing package. The projected revenue (conservative) for the 1 short-term nightly rental unit for 2024 is $125,000, and your other 2 units should bring in $3,500-$4,500/mo based on the property's rental history thus far. In short, if BUYER chooses to purchase building as their PRIMARY RESIDENCE and owner occupy 1 of the 4 units, they will have the ability to short term rent ONE UNIT on a nightly basis, and 30-day rent TWO UNITS. The PROJECTED annual revenue for this scenario would be $287,000.

PROPERTY FACTS:
- $400,000+ renovation in 2022. All units are turn-key.
- Roof replaced in 2014
- 4 Tankless water heaters installed within the last 3-5 years
- All windows replaced within the last 5-8 years per previous owner
- HVACs: Unit C is 6 years old, parts updated on other units
- Plumbing and electrical has been updated
- Property is located in X flood zone- no flood insurance required

Wagener Terrace stands as a testament to Charleston's rich history and Southern hospitality. The combination of historic homes, community spirit, and convenient location makes it a desirable place to call home in the Holy City. Hampton Park is one of the City's largest and most popular parks just a stone's throw away from 264 Grove Street, as well as multiple restaurants, coffee shops, bars, and local businesses.

24004773

MLS ID

February 26, 2024

Listed

July 19, 2024

Updated

Map

264 Grove Street # 4 Unit: 1-4
Charleston SC, 29403

Interior Features

Total Stories

2


Bedrooms

12


Interior Features

Ceiling Fan(s)


Fireplace

No


Cooling

Yes


Cooling Description

Central Air


Heating

Yes


Heating Description

Heat Pump

Exterior/Building Features

Lot Size

0.09 Acres


Roof

Architectural


Sewer

Public Sewer

School Information

High School

Burke


Elementary School

James Simons

Other Property Details

Area Name

52 - Peninsula Charleston Outside of Crosstown


Garage

No


Parking

Other (Use Remarks)


View

No


County

Charleston


Water Source

Public


Pool

No

Listing History

Date

Event

Price

6/28/2024

Sold

$2,649,000

5/8/2024

Pending

Courtesy of The Boulevard Company, LLC with Saralouise 'sl' Saad,

All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change, or withdrawal. Neither listing broker(s) nor The Templeton Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

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